Preclinical Imaging Market Is Anticipated To Grow At A CAGR Of 8.1% Till 2024 | Million Insights

According to new report available with Million Insights, The global preclinical imaging market size was worth USD 1.8 billion in 2015, which is anticipated to grow at a CAGR of more than 8.1% during the forecast period.

Industry Insights

The global preclinical imaging market size was worth USD 1.8 billion in 2015, which is anticipated to grow at a CAGR of more than 8.1% during the forecast period. Constant technological advancements and increasing expenditure on research and development are some of the leading factors for such huge market size with more and more pharmaceutical companies targeting this market. Similarly, rise in the number of contract research manufacturing and increasing presence of medical device companies that comply well with the pre-clinical studies in in-vivo experiments would further drive the market growth.

Use of various computerized database systems with advanced technology has increased over the years due to implementation of stringent laws and policies on animal testing which prevents exploitation of animals. Pre-clinical imaging has led to extraction of extremely detailed images of organs, cells, tissues and their anatomical features before and after the drug intake. Such methods of imaging along with micro-dosing, in-vitro tests have become an alternative for conventional methods.

Preclinical imaging systems include MRI, CT scan that is categorized under non-invasive techniques and possesses great potential to grow in the coming years. Some of the major factors that may challenge the acceleration of the market are increased cost, lack of skilled staff, underdeveloped infrastructure and non-availability such technically advanced devices in the third world countries.

Government bodies of developing countries such as Japan, Mexico, and Brazil, are making huge investments to spread awareness about the use of pre-clinical devices for research studies, and thereby focusing on quality and safety. Regions such as Latin America, Middle East and Asia Pacific are witnessing increase in foreign investments, which is leading to greater revenue generation, for the market growth.

The optical imaging segment captured the largest market share in 2015 due to increased use of small animals in a number of animal research projects. The fastest growth rate in the market was exhibited by multi-modal systems segment during the forecast period due to enhancement in integrated systems, which enable multiple screening in single device. It helps to achieve a detailed digital imaging of anatomical features for the organs of animals. A significant share of the market is being shared by the reagent segment, which showed higher frequency of purchases as compared to other segments.

Introduction of various features in imaging devices have resulted in increased number of applications. The development of various cancer therapies has benefitted from such up gradations in the technology, which makes it useful for numerous purposes. Other sectors, which have gained from the use pre-clinical imaging, includes obstetrics, gynaecology and cardiology.

Regional Insights

North America dominated the pre-clinical imaging industry capturing the largest revenue share in 2015, due to the fact that the region has maximum number of skilled workmen, developed infrastructure, higher acceptance and adoption of advanced technical devices and presence of large number of research projects which are being carried out.

In some regions including Canada, there have been various government initiatives and policies, which have helped in enhancement of research and development work in the form of funding and exemption from tax. All these factors can be attributed to conclude that North America will be a dominating region in this market, in terms of revenue.

Factors such as increased government funding, liberal government laws, growing adoption of contract research organizations, affordable research cost is contributing towards the highest CAGR of Asia Pacific region. .India and China are the key leaders in the Asia Pacific region, making it one of the most booming regions for the preclinical imaging market.

The global pre-clinical imaging market consists of international as well as local players. The capital required for the companies to enter in this market is comparatively lesser. The major players in this market are Siemens A.G., TriFoil Imaging, PerkinElmer, Inc., Mediso Ltd., General Electric(GE), Bruker Corporation, VisualSonics Inc. (Fujifilm), Mediso Ltd., MILabs B.V., and Agilent Technologies.

A huge pool of companies is focused towards advancing in the pre-clinical imaging market after thorough research and development in this sector. The most common strategy opted by companies are through mergers acquisitions and collaboration in order to gain maximum share in the market.

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